Binance Gbp Deposit Reddit

binance-vs-competition

With cryptocurrency going mainstream and getting legitimized here and there, it is only a matter of time before a huge population wants to get in on the action. As such, marketplaces where people can buy, sell, exchange and trade digital assets have become crucial places.

And right on cue, to fulfill the adage: “If there’s a demand for it, someone will try to fill up that demand.” As for this case, cryptocurrency exchanges came into the picture to remedy this marketplace demand.

By definition, a cryptocurrency exchange is an online marketplace where users can exchange one kind of digital asset for another. These exchanges will be based on the market value of the given assets.

In the real world, banks are financial institutions that are licensed to receive deposits, transfer funds, and store money for their clients. The banks regulate money. They are the only legal place offering the right to exchange one fiat currency for another to its customers.

Meanwhile, a stock exchange is a facility where stock brokers trade company stocks and other securities. Stocks can only be bought or sold only if they are listed on an exchange. As such, stock exchanges are basically marketplaces where stock buyers and sellers do their business.

In the digital world, cryptocurrency exchanges provide similar services to banks and Stock exchanges.

There are still people who treat cryptocurrency with fear and anxiety. For some people, cryptocurrencies and cryptocurrency exchanges are treated as borderline illegal online marketplaces.

These people believe these places could facilitate the trading of unregistered securities. They fear that crypto exchanges could be used by criminals to launder money, and they have limited AML/KYC capabilities to evade the law.

Some of these claims may not be entirely true. Just as with dealing with cryptocurrencies in general, using cryptocurrency exchanges come with its own inherent risks.

For example, there is a good chance that law enforcement may shut down an exchange. These exchanges may not be able return your money if they are shut down by law enforcement because they operate in grey areas.

You may also be unable to withdraw or sell your cryptocurrency and digital assets due to your funds being locked in an exchange. This can happen especially when the cryptocurrency exchange you are using has been seized by law enforcement or is under investigation by the proper authorities.

Lastly, there is a very big possibility of you losing your money from speculating cryptocurrency and then having the rug pulled under you by the founders or founding team of these exchanges. Especially when these founders are hustlers or scammers who are too good at what they are doing.

Remember, when working with cryptocurrency and anything related to them, everything is always a gamble. It is smart to always proceed with caution. As with gambling, there is a greater chance of losing than winning. High-risk, high-reward.

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If you prefer to see the experience in a more visual way, Mark Farfan’s YouTube video review is for you. To get a comprehensive overview of Binance, you may still want to check out our article below, which compares it to some competitors.

Binance Exchange  Binance Gbp Deposit Reddit

Binance Overview

Binance is the most popular cryptocurrency exchange in the entire world. It has the highest trading volume of any crypto exchange service and offers the most number of cryptocurrency trading pairs.

Binance was founded in 2017 by Chinese-Canadian entrepreneur and business executive Changpeng Zhao. The company was initially based in China, but with the growing crypto restriction on crypto in the country, it was moved to Japan and soon to Malta.

Back then, the company had no place to call home.

The company is currently based in Malta. Binance is available in most countries, with the exception of the United States where Binance.US was created.

Binance’s popularity with its user base is because of its low fees, a large number of available cryptocurrencies, as well as its innovative products. Binance has many products that are based upon cryptocurrency.

These products/services offer the opportunity to earn, trade, stake, derive and NFTs. You can even get loans, do payments, and even avail of credit cards from the service.

Cryptos Under Binance

Binance also has its own set of tokens and cryptocurrencies. There are actually two.

The BUSD is the first. It is a stablecoin fiat-backed issued by Binance and Paxos. This stablecoin token is backed 1:1 by US dollars in reserve. The company created BUSD as a means to provide a more stable cryptocurrency alternative for traders and investors wanting to avoid the volatile nature of the digital asset market.

The second is called BNB. Formerly called Binance Coin, it was launched in 2017 through an initial coin offering (ICO) as an asset for users when Binance was still in its infancy. It began as an ERC-20 standard token built on the Ethereum blockchain.

It is currently a native token in Binance, where it powers operations. It is used to pay listing, exchange, trading fees, and other expenses users incur on the platform.

Binance Perks

  • Low Fees

This is the main reason Binance is the largest crypto exchange platform worldwide. Binance trades are as good as free. The platform charges a maker/taker fee. Fees will vary depending on trading volume and Binance Coin (BNB) balance.

Despite this, fees are still charged by the platform for certain services, including withdrawals and payment types.

  • Large Selection of Cryptos

A crypto exchange platform will only be as good as the selection of cryptocurrencies available in its market. Binance is the largest crypto exchange platform. This means that it has a lot of digital currencies.

There are even decentralized finance (DeFi) tokens available, as well as stablecoins, altcoins, and other popular cryptos.

Some of the available currencies include:

  • Binance Coins (BNB)
  • VeChain, (VET)
  • VeThor (VTHO)
  • Harmon (ONE)
  • Matic Network (MATIC)
  • Dogecoin (DOGE)
  • Litecoin (LTC)
  • Cosmos (ATOM)
  • Cardano (ADA)

And many more.

  • Multiple ways to Earn

Binance is a platform that allows users to make more money from their crypto assets. Customers can earn income by adding liquidity to token pairs. You can also try on some staking options available on the platform.

However, these opportunities come with a lot of risk. Users must be able to recognize and weigh the risks. Trading and dealing in crypto is risky enough.

  • Advanced trading tools

Lastly, Binance would not be called a crypto exchange platform if it were without trading tools.

Binance offers advanced trading tools that make it easy to tailor trading options. It makes it easier to set limit orders to buy and sell crypto at a specific price.

Then there are charting tools that can be very useful for veteran traders making decisions. You can even sell leveraged tokens to make trading easier.

Binance Trading Experience

The overall trading experience with Binance is pretty good. You can trade with Binance using a variety of trading tools, which allow for faster and more efficient transactions. Some even have real-time charting tools with moving averages which makes everything convenient and accessible.

You don’t have to trade on your computer. You can use Binance in any way you like. You can do it through the Binance App, the Binance website, or even the Binance desktop app.

The platform will keep track of traders’ portfolios for them, so they won’t need to use any additional tools or platforms. Even those who want to keep track of their trades will only need to access their trade history, which is also available on the exchange platform.

Even how they view their trading can be customized. This makes it easier to understand data. In fact, users can choose how they prefer these data to be presented, which makes it easier to pinpoint the more important ones.

Binance Trading Fees

Binance fees are based on customers’ trading history, and the trading volume over the last 30 days. The amount of BNB that the user has will also be important.

Whether you are a maker or a taker will also determine how much you will get on fees. Takers, who remove liquidity orders from a market, tend to get higher fees than makers (those who add liquidity to it).

As Binance has its own native currency, the platform encourages using its payment for transactions. Whenever you use BNB for your trades, you get a 25% discount on the trading fee. Binance also offers 0% trading on selected Bitcoin and Binance USD (BUSD) pairs.

This chart can be used to quickly reference Binance’s fees.

VIP 30-Day Trade Volume (BUSD) Maker/Taker
0 Below 1,000,000 0.10%/0.10%
1 1,000,000 to 4999,999 with at least 25 BNB 0.09%/0.10%
2 Between 5,000,000 and 19,999,999 with at least 100 BNB 0.08% / 0.10%
3 20,000,000 to 119,999,999 and at least 250 BNB 0.07% / 0.10%
4 120,000,000 to 199,999,999 and at least 500 BNB 0.07% / 0.09%
5 200,000,000 to 499,999,999 and at least 1,000 BNB 0.06% / 0.08%
6 500,000,000 to 999,999,999 and at least 1,750 BNB 0.05% / 0.07%
7 1,000,000,000 to 2,499,999,999 and at least 3,000 BNB 0.04% / 0.06%
8 2,500,000,000 to 4,999,999,999 and at least 4,500 BNB 0.03% / 0.05%
9 More than 5,000,000,000, and at least 5,500 BNB 0.02% / 0.04%

Binance Issues

Binance is a crypto-currency company that has many problems and controversy, despite being the most prominent.

The year 2019 was a bad year for the exchange platform.

On May 7, 2019, it was revealed that Binance became a victim of a “large-scale security breach.” It was reported that hackers had stolen 7,000 Bitcoin worth $40 million then. However, customers were reimbursed by the site’s “Secure Asset Fund for Users (SAFU).

However, it wasn’t as rough as the year 2021 was. It’s not true to say that Binance had a difficult year in 2021.

The United States Department of Justice and Internal Revenue Service, on allegations of money laundering and tax offenses, investigated the company.

It was also forced to cancel its planned launch in Britain of a digital asset marketplace. This was due to their application not meeting the anti-money laundering requirements set by their government.

The next year, it was once again put in hot water as it was reported that Binance was said to have shared client data with the Russian government. These said data included names and addresses of users in a bid to fight crime.

In October the same year, another hacker attacked its network. The company had to temporarily suspend transactions and fund transfers after detecting an exploit between two blockchains. As soon as the issue was discovered, it was resolved.

However, about $100m in funds remained unrecovered from a total of $570m that was stolen.

Binance Pros & Cons

Pros

  • Low fees
  • Easy Access to Passive Income Opportunities
  • Large Selection of Cryptocurrencies
  • Sophisticated trading tools
  • Multiple ways of Depositing Money
  • Flexible Trading Options and Order Types

Cons

  • Non-beginner friendly. For beginners, many features can be difficult to access and use.
  • Regulation issues with many countries, including major ones such as the United States, Japan and the United Kingdom.
  • Due to regulatory issues, the service is not available in the United States. The US-specific service Binance U.S., which is a limited version of the service, is not available in all states.
  • No built-in digital wallet available

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Coinbase Versus Binance

There are no two different cryptocurrency platforms whose approach can differ as much as Coinbase and Binance.

One is a United States-based exchange that is designed for beginners with a simple interface and limited transaction types, while the other has a steep learning curve and is more suited to veteran users.

The difference between Coinbase & Binance lies in who their primary audience is and how they cater.

Coinbase Overview

Coinbase, also known as Coinbase Global, Inc, a publicly traded American company that acts as a cryptocurrency exchange platform. It is a distributed company, and as such, all people employed by the platform operate via remote work.

The company doesn’t have a physical headquarters. The company used to have its headquarters in San Francisco. However, this palace was demolished and the company moved to remote-first.

Coinbase was founded in June 2012 by Brian Armstrong, a former Airbnb engineer. He started coinbase by enrolling in the Y Combinator startup incubator program, where he received a $150,000 cash infusion.

Later on, co-founder Fred Ehrsam joined him after noticing Armstrong’s post on Reddit. This was back when bitcoin was worth only $6 and only known by ” a few nerds on the internet” (Ehrsam’s words, not mine).

They believed bitcoin was an insane idea that would revolutionize finance and money. They both shared a confident view that bitcoin will be very big. As such, they wanted to bring crypto to the mainstream and make it easy to use. This was the impetus behind Coinbase.

Coinbase is now the largest crypto exchange in America and the world, but its humble beginnings are not glamorous. Coinbase was actually founded in a shared two-bedroom apartment. Binance Gbp Deposit Reddit

Cryptos Under Coinbase

Coinbase does not have its original coin or cryptocurrency. The platform supports over 100 cryptocurrencies. They also regularly add more cryptocurrencies as the need arises.

Here’s a look at the various cryptocurrencies that coinbase offers:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Solana (SOL)
  • Polkadot (DOT)
  • USD Coin (USDC)
  • Dogecoin (DOGE)
  • Uniswap (UNI)
  • Litecoin (LTC)
  • Shiba Inu (SHIB)
  • Algorand (ALGO)
  • Stellar Lumens (XLM)
  • Polygon (MATIC)
  • DAI (DAI)
  • SushiSwap (SUSHI)

Coinbase Perks

  • A wide selection of cryptocurrency

There is a reason why coinbase is the biggest cryptocurrency exchange in the United States. The market offers a wide range of cryptocurrencies.

From a Bitcoin (BTC) focused exchange. Coinbase has grown to offer over 150 types of cryptocurrency on the platform. In fact, you can trade currencies like Bitcoin (BTC) and other major coins for smaller and newer digital tokens.

In fact, few cryptocurrency exchanges could compete with Coinbase in terms of selection in the U.S. Market.

  • Simple and Advanced Trading

Coinbase offers two trading tools to make it easier for users to access their accounts. You can choose from a simple or advanced trade option.

Simple trading options are easy to use for beginners. The only downside of this option is that it takes higher fees, which might be counterintuitive to crypto investing’s philosophy of keeping fees to a minimum.

Meanwhile, advanced trading offers more features, such as charts, a live order book, and even the ability to limit orders. While this option has lower fees, the trade-off is that it is less intuitive, more complex, and intimidating to new users.

With that said, placing your trades in advanced trading is highly advisable just to maintain low fees.

  • Earn Free Crypto

Coinbase offers a cool feature to help customers earn more cryptocurrency. Coinbase Earn allows users to earn crypto for learning more.

Users are encouraged to read more about crypto through educational modules, and when one has completed one module, coinbase allows them to earn more.

Although the feature doesn’t offer much, it is still useful. Besides, even a few crypto bits are always a blessing, especially in this economy. Besides, whoever declines free money is always a fool. Even if the amount is not.

  • Educational Content

Coinbase’s library is an educational resource, as we have already mentioned. These resources include tips and tutorials, as well as information about crypto basics. Market updates are also available. Coinbase is the best platform to start investing in crypto.

  • Mobile App

Coinbase has made it easier for users to access their accounts via a mobile app. Their mobile app, which is similar to the web platform, allows users to manage, buy, and sell cryptocurrency.

This Coinbase App is not just something that is not some garbage or bloatware. It’s legit and gets high ratings from both the Apple App Store as well as Google Play Store.

  • Crypto Reward

You can earn interest on many cryptocurrencies through your Coinbase Account. This is because Coinbase pays interest on specific stables, like USD Coin (USDC), automatically.

This allows you stake certain cryptocurrencies such as Solana (SOL), and Ethereum (ETH).

Staking allows participants to receive rewards for their crypto assets. It is how many cryptocurrencies verify transactions. When you stake in crypto, you commit your crypto assets to support the blockchain network and verify transactions. Binance Gbp Deposit Reddit

As said, staking on cryptos will give you certain free rewards. Of course, not all cryptos are eligible for this. It varies depending on your region as well as the cryptocurrency.

  • Coinbase Debit card

Aside from trading, Coinbase allows users to access and spend their hard-earned wealth using the Coinbase card.

If you have a Coinbase account, you can apply for a Coinbase card, a prepaid Visa debit card linked to your Coinbase account balance. It allows you to spend cryptocurrency to purchase certain services, especially those that accept Bitcoin or other crypto payments.

You can also use the Coinbase card to earn crypto rewards. This rewards program allows you to choose the crypto that you want from a rotating list.

Coinbase Trading Experience

If Binance provides low fees and more advanced training tools, Coinbase is geared towards a more different type of user. Coinbase targets people just starting their crypto journey.

The platform offers tools that allow investors new to crypto trading a fast, easy, and secure way to trade. This is in line with their original goal to “make Bitcoin easier to use.”

They are determined to realize this vision and allow users to earn cryptocurrency by watching tutorial videos that are geared towards beginners.

This doesn’t mean veteran traders only have beginner tools to play with. Coinbase Pro is the perfect platform for you. This platform is designed for experienced traders. Binance Gbp Deposit Reddit

Coinbase Pro is different in that it was made for professional traders and gives them more tools, allowing for better customization of their trades. Examples include the ability to choose among several order types, such as stop or limit order and margin order.

Users can also access real-time charting tools, trade history, order book, and price charts. This can help them create more informed decisions when moving their positions and doing their trades.

While it says pro on the tin-can, it doesn’t mean that users will have to pay another fee to access Coinbase Pro. There is no such fee. Anyone with a Coinbase account can already access and use the pro version.

Coinbase Trading Fees

Coinbase doesn’t disclose their fees and pricing. They even removed their full fee schedule from their online help section. That said, this doesn’t mean you will pay your fees blindly. Costs are still shown when entering a trade, so you still know how much you will pay.

To be honest, this is where coinbase falls off from the competition. Its fee structure can be too complex and a little hard for the mind to wrap around. The fee structure is based on three factors that can be confusing:

  • Coinbase charges a spread for cryptocurrency purchases and sales. There is a huge charge that rates will vary depending on market fluctuations.
  • Coinbase claims fees are also based on factors such as the selected payment method, market conditions (volatility and liquidity), and even the order size.
  • Lastly, Coinbase also charges fees to cover the costs of executing transactions on the external blockchain networks that support the cryptocurrencies in which it deals. Binance Gbp Deposit Reddit

Coinbase Pro’s pricing structure is simpler. It is based on the customer’s monthly trading volume and liquidity of the asset at the time of purchase. Also, Coinbase pro users are required to make deposits and withdrawals through a bank account.

The chart below gives an idea of the fees you can expect on the main coinbase platform:

Trade Size Coinbase Fee
$10 or less $0.99
$10 to $25 $1.49
$25 to $50 $1.99
$50 to $200 $2.99

Trades over $200 are subject to a percentage-based fee instead of a flat fee.

For Coinbase Pro, a general idea of the fees is shown in the chart below.

Pricing Tier Taker Fee Maker Fee
Up to $10K 0.60% 0.40%
$10K – $50K 0.40% 0.25%
$50K – $100K 0.25% 0.15%
$100K – $1M 0.20% 0.10%
$1M – $15M 0.18% 0.08%
$15M – $75M 0.16% 0.06%
$75M – $250M 0.12% 0.03%
$250M – $400M 0.08% 0.00%
$400M+ 0.05% 0.00%

Coinbase Issues

There is a good chance that cryptocurrency will be a legal issue because it is still a new area of technology.

Coinbase acknowledged that customers were being charged more for cryptocurrencies they purchased with debit and credit cards than they originally intended. This was due to problems that started when banks and card issuers charged the merchant category code (MCC) of crypto purchases earlier that month.

This was due to the fact that cryptocurrency payments were classified as “cash advances”, and banks and credit card issuers may begin charging cash advance fees for these purchases.

According to a Financial Times article Visa, the credit card company, initially blamed Coinbase. However, it later rescinded those statements and clarified on the Coinbase blog that the “issue was not caused by Coinbase”

In 2018, customer complaints against Coinbase jumped more than 100%. Most of these problems were categorized as “money was not available when promised.” The company solved this issue by increasing its customer service staff to reduce wait times.

Coinbase also participated in the first ever case of insider trading in cryptocurrency. The company’s former product manager shared information about tokens. Prosecutors were provided with all the information necessary for an internal investigation by the company.

Pros and cons of Coinbase

Pros

  • Easy to use and very friendly for those just starting in cryptocurrency
  • Supports a large number of cryptocurrencies
  • Offers the opportunity to earn cryptocurrency and learn about them.
  • Offers simple and advanced trading depending on user preference
  • Offerings a coinbase debit card that allows easy withdrawal of funds Binance Gbp Deposit Reddit

Cons

  • Complex and convoluted fee structure that is also not transparent
  • Some transactions attract high fees
  • Limited staking and interest opportunities.
  • A lot of altcoins are missing from their selection
  • Customer service issues

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Binance versus Kraken

Both Binance and Kraken are giants of the cryptocurrency world, with both platforms amassing millions of users. It might seem that there is a big gap between these two platforms if we compare their ranks (Binance at the top and Kraken at the bottom), but there are more to it.

For example, US-based Binance users are severely hampered by the fact that they can only access Binance’s U.S. platform (Binance.US.) Kraken, however, is readily available in the country.

There are a lot of similarities between these two platforms, with both offering advanced trading options, low fees, and even mobile apps. Their target audiences are the same as they are geared towards seasoned or even veteran and advanced cryptocurrency traders.

Ultimately, it will be up to customers to choose which platform by choosing what they value most. Binance will be the one to choose with their lower fees, large selection of coins and extra way of managing funds. Or will it be Kraken and its high regard for security standards, which won them a bank charter approval in Wyoming in 2021. Binance Gbp Deposit Reddit

Kraken Overview

Kraken is a fully functioning crypto exchange that offers low fees and a wide selection of tokens and coins. One of the most defining characteristics of this platform is that it is one of the only U.S. crypto exchanges to provide advanced trading tools like margin.

Kraken’s main cause is to become the best and most secure crypto trading platform. In fact, users and traders have praised Kraken for being one of the only crypto exchanges that “has been probably the only exchange that hasn’t been involved in some kind of shady activity against its users…that doesn’t indulge in questionable corporate policies,”

In connection on the November 2022 FTX Controversy, Kraken founder and former CEO Jesse Powell tweeted: “…Happy to live simply, take a fee for matching trades. A balance sheet is mostly Bitcoin, some ETH.

Jesse Powell (alumnus from California State University, Sacramento) and Thanh Luu, co-founded Kraken in 2011. It was launched in September 2013 and offered bitcoin, Litecoin and euro trades. Further currencies and margin trading would follow.

Powell began working on Kraken as a possible replacement for Mt.Gox, another bitcoin exchange based in Shibuya, Tokyo, Japan. Before its 2014 collapse due to failed security audits, Powell was a consultant to the exchange.

Kraken had also joined other US Bitcoin players to form the “Committee for the Establishment of the Digital Asset Transfer Authority” as the industry’s self-regulatory group. Binance Gbp Deposit Reddit

The year 2014 was very big for Kraken. In March of that year, the company received a $ 5 million Series A investment from Hummingbird Ventures and Bitcoin Opportunity Fund.

It was later listed on Bloomberg Terminal as one of the first bitcoin exchanges. It has since chosen to help with the investigation of Mt. Gox, CEO Powell’s former employer. Kraken was relied upon because of its proven operating history of not being breached by hackers.

In September 2020, Kraken became the first cryptocurrency exchange to hold a special purpose depository institution (SPDI) charter in the United States after Wyoming granted such a charter to the company.

Chief Executive Officer Powell resigned as CEO of the platform on September 21st, 2022. He said that he had spent more time on the product, the user experience and industry advocacy.

Dave Ripley replaced him as CEO.

Cryptos under Kraken

Kraken supports at least 110 cryptocurrencies. Some of the more popular and well-known currencies include:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Litecoin (LTC)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Ripple (XRP)
  • Stellar Lumens (XLM)
  • Solana (SOL)
  • Sushi (SUSHI)
  • Uniswap (UNI)

Kraken supports several stablecoins, including Tether, USD Coin and Dai. Kraken also has a limited currency exchange that is available in select territories. This includes converting US dollars into Canadian dollars, Japanese yen, and Swiss francs. Binance Gbp Deposit Reddit

Kraken Perks

  • Beefy Security

Since its founding in 2011 and launching in 2013, Kraken has been a mainstay of the cryptocurrency industry. Since its inception, Kraken’s focus was on security. It has never stopped focusing on it over the years. It is actually the only cryptocurrency exchange to have not been hacked.

This exchange, which is based in the United States, is the industry’s leader in terms security. As such, some in the industry have affiliated Kraken with physical security and financial stability. A claim that the company is just too happy to boast about

  • Healthy Range of Available Cryptocurrencies

Kraken offers trades on its platform with over 160 coins and seven fiat currency. It’s not the largest amount but it’s still quite healthy and comparable to the top crypto exchanges. Binance Gbp Deposit Reddit

Kraken’s liquidity is high, which allows Kraken to make it easier for users to buy and sell at fair prices.

Kraken works using currency pairs, a one-to-one equivalency between two currencies. It is the price of the exchange rate between two currencies that are traded on FX markets.

In the case of Kraken, one currency pair would be using dollars to buy Bitcoin and vice versa. You will always swap one currency for the other if you use dollars to buy Bitcoin, and then Bitcoin to purchase Ethereum.

Kraken’s currencies cannot be exchanged for each other.

  • Trading features

Kraken is one of the few exchanges offering margin, stop orders, and crypto short sales. Kraken also offers a dark pool, where high volume investors can trade anonymously.

Kraken lets you leverage currency pairs up to 5x. Pro clients who are eligible can get up to $500,000 in margin. Margin trading is still risky.

  • Fees are reasonable.

While it is not the lowest in the market, the prices of Kraken’s fees are pretty competitive and on par with several exchanges. It’s even less expensive than other exchanges.

There are no fixed trading fees. They will vary from one exchange to the next. One sure factor, though, is that your fees will depend on your monthly trade history. We will discuss fees in detail in another segment. However, it is important that you know that instant buy features are more expensive than the pro platform.

  • Optional Strong Staking

Kraken offers a variety of stake options. Users have the opportunity to stake over 15 different cryptos. They can earn between 0.25% and upwards of 20%.

Staking refers to the act of holding your coins in order to make a contribution to the security of a specific blockchain. It can be a great way to passively earn an income.

Kraken Trading Experience

Kraken users can choose between Kraken and Kraken Pro. Kraken Pro is the cheaper of these two exchanges. Anyone can access both platforms with a Kraken Account.

Kraken is a trading platform geared toward intermediate to veteran users in mind. However, beginners can still use the platform if they want. To learn the ropes, it is recommended that they begin with the Kraken central platform. Binance Gbp Deposit Reddit

Kraken allows verified accounts with linked bank accounts to purchase cryptocurrency quickly. From there, selling or converting your crypto into your account is just a simple process. Inside the website, orders are done using a straightforward form, which will mostly only take a few seconds.

It is easy to purchase cryptocurrencies with your bank account balance. You don’t even need to fund your account first.

Two-factor authentication (2FA) is a security feature that you can use to protect your Kraken account. To log in to your account, you’ll need to have your device.

On the other hand, Kraken Pro is Kraken’s more advanced trading platform. At first glance, it has a more complex interface than the regular Kraken exchange. This makes Kraken Pro very intimidating, especially to trading newbies. However, it is worth learning. Binance Gbp Deposit Reddit

Some features added to it are more detailed asset information, active charts, and even a view to open orders.

As stated above, Kraken also allows for lower fees. If you feel confident, you can trade the same trade with Kraken Pro. You’ll pay less and earn more at the end of the day.

Kraken Fees

Kraken’s fees fall in the middle of the market, as we have already stated. It’s not the lowest in the market, and it is also not the highest. Other factors may affect the price of the fees you are about to pay.

Prices and fees may vary depending on the platform. Kraken Pro will always have cheaper fees than the normal Kraken.

In normal Kraken, fees for instant purchases include 1.5% for most cryptocurrencies and 0.9% for stablecoins using the U.S. dollar or another stablecoin.

There are also additional fees that depend on how you fund your purchases. These prices range from 0.5% for funding with a bank account. Meanwhile, 3.75% + 25 Euro cents with a debit card, credit card, or digital wallet. Binance Gbp Deposit Reddit

Meanwhile, Kraken Pro’s pricing is pretty different. The fees for Kraken Pro are generally lower than those on the main Kraken platform. Your fees will also be based on your total trading volume over the last 30 days. Another fee to remember is that most transactions are subject to a 0.26% taker fee or 0.16% maker fee.

Below is a chart showing their maker-taker fees for a volume of 30 days in US dollars.

30- Day Volume (USD) Maker Taker
$0 – $50,000 0.16% 0.26%
$50,001 – $100,000 0.14% 0.24%
$100,001 – $250,000 0.12% 0.22%
$250,001 – $500,000 0.10% 0.20%
$500,001 – $1,000,000 0.08% 0.18%
$1,000,001 – $2,500,000 0.06% 0.16%
$2,500,001 – $5,000,000 0.04% 0.14%
$5,000,001 – $10,000,000 0.02% 0.12%
$10,000,000+ 0.00% 0.10%

Kraken Issues

Kraken has not had to deal with any issues other than disagreements about its work culture, which the company has worked on and is now ready to move on.

Kraken’s security record has been excellent and Kraken is the only major cryptocurrency exchange not to be hacked.

That said, Kraken has its fair share of issues regarding government regulations.

In April 2018, Kraken refused to comply with an investigation by the New York Attorney General’s Office on issues about the measures taken by crypto exchanges to protect their customers from money laundering and market manipulation.

Kraken’s main reason is that doing so would be bad for business.

The Office of Foreign Assets Control began investigating the exchange in September 2021 for possible violations of sanctions by allowing trade with Iranian customers. Kraken was fined $1.25million by the Commodity Futures Trading Commission in September 2021 for allowing unregistered margin trades.

Kraken Pros & Cons

Pros

  • Advanced features such as margin trading and stakestaking are available.
  • Good and dependable customer service option
  • Relatively low Bitcoin withdrawal fees (BTC).
  • Provides a wide range of educational material.
  • The most secure exchange on the market
  • Simple user interface

Cons

  • Base Kraken platform has pretty expensive fees compared to the Kraken Pro version. Luckily both modes can easily be accessed as long as you have a Kraken account.
  • Kraken accepts only a handful of fiat currencies
  • Some users have complained about having their accounts hacked. Binance Gbp Deposit Reddit
  • It is not available in all U.S. States

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Binance versus crypto.com

Binance and Crypto.com are some of the more popular exchanges in the cryptocurrency industry. Both provide a variety of features such as low fees and staking as well advanced trading. However, it does not mean that the two platforms are identical.

While one exchange is better than another, that doesn’t mean you should always choose the highest-ranking exchange just for numbers. Plenty of factors are at play for why one is ranked higher than the other.

It is better to look at both options before you choose the crypto exchange that appeals to your needs. Will you choose the more investor-friendly Binance with its wider selection of cryptocurrencies to invest in, or will you take Crypto.com’s side, which offers a more user-friendly experience and lower fees. Binance Gbp Deposit Reddit

Crypto.com Overview

Crypto.com was established in Hong Kong in 2018 It was originally called Monaco by founders Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo. When Crypto.com purchased the domain of Matt Blaze, a cryptography researcher, it became Crypto.com.

The sales might be on the bigger one, with Domain sellers valuing the domain at US$5 – 10 million.

Crypto.com is a platform that does the same thing as most cryptocurrency exchanges. It allows users to trade, invest, put a stake in some currency and much more.

It also has a huge selection of currencies numbering at least 250 different currencies, reasonable fees, and even discounts to some specific customers (like those with huge stakes in the Crypto.com’s very own coin, the cronos (CRO).

Crypto.com’s primary selling point is their exchange. However, that is not what they all do, they also offer a variety of crypto services which include their own crypto wallet, and even an NFT shop. The company has even partnered with Shopify those in the e-commerce platform accept cryptocurrency as a valid payment.

Overall, we can consider Crypto.com as an all in one cryptocurrency platform that is perfect for investors and traders who want to do more than buy and hold. With Crypto.com, cryptocurrency can also be currency.

Cryptos under Crypto.com

Crypto.com offers a wide selection of currencies. You can trade spot with more than 250 currencies, and you can also staking. The platform supports the following currencies:

  • Bitcoin (BTC)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Ethereum (ETH)
  • Polkadot (DOT)
  • Litecoin (LTC)
  • USD Coin (USDC)
  • Chainlink (LINK)
  • Polygon (MATIC)
  • Cardano (ADA)
  • Uniswap (UNI)

Cronos (CRO) is Crypto.com’s coin. Having a significant stake in this coin rewards you with lower trading fees, higher stalking interest rates, and higher credit card rewards. Binance Gbp Deposit Reddit

Crypto.com Perks

  • One-Stop Shop

Crypto.com is more than a trading platform. You can trade cryptocurrencies and buy and sell them on the exchange.

Crypto.com lets you spend your crypto with a prepaid Visa Card. Basically, Crypto.com puts weight on the currency part of cryptocurrency.

  • Low fees

Crypto.com’s low fees can rival that of many sites.

There are many transactions on Crypto.com that don’t require fees. You can deposit your money via wire transfer or electronic bank to your account.

Crypto.com also allows you to purchase and sell cryptocurrency at its true cost, giving the real meaning of “what you see is what you get.”

The platform charges a fee for purchases of crypto with a debit or credit card. As an added reminder, payments made with a credit card may also have an added charge of a cash advance fee when buying crypto

  • Convert Your Money Easily

Although this feature isn’t unique to Crypto.com it deserves to be listed. Users can convert fiat currencies to crypto with the Crypto.com app. Crypto.com only supports 20 fiat currencies.

These fiat currencies include USD and GBP as well as EUR. But, just because a fiat currency is listed on Crypto.com, does not necessarily mean it will be available for you to trade. You will be limited in your ability to trade certain fiat currencies due to the country you live in.

  • Cashback Cards

One of the best perks you can get as a member of Crypto.com com is the availability of Visa Cards connected to your Crypto.com account and its crypto currency.

Crypto.com currently offers five types of prepaid Visa cards to its customers. Granted, these cards will need to be topped up before one can fully utilize their uses.

The type of Card available for you will also depend on how much CRO stake you have in the platform.

Their Ruby Steel card is the lowest available tier, and it also offers a 1% cash back on your contribution. Of course, you will need to have at least a $400 stake to be able to avail of this.

Meanwhile, those who own deeper pockets can avail of their top-of-the-line, Obsidian tier. This earns you 5% cash or crypto back, along with loads of extra bonuses. To qualify, you will need to have at least $400,000 in stakes. Binance Gbp Deposit Reddit

Midnight Blue, Jade Green/ Royal Indigo and Frosted Rose Gold/ Icy White are some of the other cards that are available. All these cards have no annual fee and give you a set number of free ATM withdrawals and foreign transactions each month.

  • Earn Interest

As a one-stop shop for everything crypto, Crypto.com isn’t just a place to buy coins and tokens. Those who have a Crypto.com account can also earn high rates of interest. Crypto.com offers some of the highest-yielding savings accounts on the market.

You may have to keep a lot of cash in CRO to benefit from this perk, but the maximum interest you can earn is below 10%.

The interest rate you can acquire will depend on factors like the duration of time you leave your money, the currency you save, and the amount of CRO you have staked.

The app allows you to increase your interest rate in many ways. One of them includes Staking more than 4,000 CROs. It is even possible to get more if you stake up to 40,000 CRO, but that may be asking for too much.

You can also increase the interest rate if you deposit for a one-month term to three-month terms. Between these choices, depositing for one-month terms might be more flexible, but three-month term deposits yield better rates.

Lastly, investing in stablecoin also increases your interest rate. Stablecoins usually peg their values to an external reference. Some can even be tied to the U.S. Dollar. These stablecoins can help you earn more interest.

That said, since stablecoins are stable, these are unlikely to appreciate in value compared to normal cryptocurrencies. That also means they are also less likely to depreciate in value.

In the end, keeping your savings in crypto is still risky. Cryptocurrencies are still a volatile entity, and if it fails, your savings may be reduced… by a lot.

  • Gift cards and phone top ups

Gift Cards and Phone Top-ups are other ways that Crypto.com allows you to spend your crypto. You even earn cash-back benefits by buying gift cards from several popular brands.

Crypto.com offers gift cards from popular brands covering different industries like hotels, general retail, games, airlines, education, and even entertainment from at least 41 countries. Like Spain, Norway, Singapore, and the United Arab Emirates.

Brands include Macy’s, Barnes & Noble, Airbnb, and many more.

How much CRO you stake and what kind of company you are will determine how much cashback you receive.

Crypto.com Trading Experience

When using Crypto.com, your trades will mostly revolve around its mobile app, which serves as the platform’s central hub. For those who have been trading stocks on their phone or tablet before, the experience will be easy and similar to what you would expect. Binance Gbp Deposit Reddit

This app shows the user their portfolio and lists of their most popular assets. It offers everything that Crypto.com claims it can. With it, you can trade currencies, earn through staking in crypto, make payments with cryptocurrency, and even sign up for a Crypto.com credit card.

Without chart tools, where would you find a trading app? The Crypto.com app shares a simple set of data which aims to not overwhelm or intimidate users. These charts provide enough information for users to understand the cryptocurrency and blockchain, which might be useful before they buy.

Crypto.com offers a wide range of fiat currencies. More popular ones include the Australian (AUD) and Canadian (CAD) dollar, the euro (EUR), the British pound sterling (GBP), the ever-popular U.S. Dollar (USD), and even the Brazilian real (BRL). This allows users in multiple countries to purchase and get into crypto using their local currency.

Crypto.com Fees

Crypto.com’s trading fees are very competitive. They are actually among the few that offer the lowest trading fees on the market. Trade volume can be higher and qualify for lower fees, as low as 0.4% for makers or 0.1% for takers. This is even with no CRO.

Discounted trading fees have become available when users hold at least 5,000 CRO in their wallet. Higher stakes result in lower rates.

That said, newer Crypto.com users without any CRO staking will pay a 0.4% fee on trades with a total monthly trading volume of less than $25,000.

Below is a table showing fees for spot and margin trades for customers with no CRO stake amount.

30-Day Spot Trading Volume (USD) Maker Taker
Less than 250,000 0.0750% 0.750%
Greater than or equal to 250,000 0.0700% 0.0720%
More than 1,000,000 or equal 0.0650% 0.0690%
Greater than or equal to 5,000,000 0.0600% 0.0650%
Greater than 10,000,000 or equal to 10,000,000 0% 0.0500%

Meanwhile, the table below is the maker and taker rates for those who have less a stake of than or equal to 100 CRO (3% discount)

30 Day Spot Trading Volume (USD) Maker Taker
Less than 250,000 0.0728% 0.728%
Greater than or equal to 250,000 0.0679% 0.0698%
More than 1,000,000 or equal 0.0631% 0.0669%
More than 5,000,000 or equal to 5,000,000 0.0582% 0.0631%
Greater than 10,000,000 or equal to 10,000,000 0% 0.0485%

As said, the higher your CRO stakes are the bigger your discounts. Maker fees for those with stakes greater than or equal to 50,000 CRO become zero. People with even higher stakes may be eligible for rebates.

Crypto.com Issues

Like most cryptocurrency exchanges, Crypto.com does have its fair share of problems.

On January 2022, Crypto.com was the victim of a serious hack. It was reported that the company lost US$15 million worth of Ether. After users reported suspicious activity to their accounts, the company lost US$15 million worth of Ether. The company quickly paused withdrawals which were later restored. The company reported that no customer funds were lost alongside the restoration of withdrawals.

Most of the problems with Crypto.com were due to the downturn of cryptocurrency in general. As such, Crypto.com had to let go of hundreds of employees, which started in May. In October 2022 alone, it was reported that the company had to lay off at least 30% to 40% of its staff.

In November of 2022, their exchange token Cronos (CRO) has lost approximately $1 billion in value. This was due in part to the collapse of FTX. That said, Crypto.com CEO Marszalek assured that the exchange was functioning normally.

Crypto.com Pros and Cons

Pros

  • Competitively Low fees
  • Provides lots of avenues for paying with crypto
  • Converts money easily
  • Visa card perk with great cash back rewards
  • Allows you to earn interest on crypto
  • There are a lot of crypto coins and tokens available Binance Gbp Deposit Reddit
  • Strong security

Cons

  • The exchange interface is not easy to use.
  • There are limited availability of coins.
  • Some areas are lacking customer service and some of it is very poor.
  • There is a shortage of educational resources.

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Binance versus Kucoin

When Comparing KuCoin and Binance side by side, the winner is pretty clear. Binance is the clear winner, and it is by quite a bit. KuCoin was one of the first platforms to trade cryptocurrencies. However, FTX and Kraken have taken over.

As of today, while KuCoin still has its users and most traders generally avoid the platform like the plague. Many negative reviews have been written about the exchange, with a variety of reasons. Some are semantics while others are alarming.

KuCoin Overview

KuCoin was founded in 2017 by top tech geeks Micahel Gan and Eric Don. It is a cryptocurrency exchange platform that was launched by Top Lan, Kent Li. John Lee, Jack Zhum, Linda Lin, and John Lee. The company was established in 2013.

KuCoin was founded by MichaelGan, who was eager to learn more about blockchain and the potential applications. Eric was his boss and he told him about Bitcoin. He then got involved in the action.

He was shocked to discover that some of the largest cryptocurrency exchanges at that time were difficult to use for beginners. They believed this was inversely proportional to how blockchain changed the world, especially with how Bitcoin and crypto changed the global financial system.

By the end of 2013, Michael and Eric wrote down the first code of what would become KuCoin in a cafe. This was the beginning of the platform that would become the “People’s Exchange”.

 

Cryptos under KuCoin

Since it is an older cryptocurrency exchange platform, it is not surprising that there is a pretty sizable selection of cryptocurrencies you can buy and trade in the exchange.

Veteran traders looking for a wide selection of assets may appreciate this extensive selection of coins and tokens. KuCoin’s greatest strength is its ability to mine altcoins for tokens and coins. Binance Gbp Deposit Reddit

It was also one of the main reasons why the company was founded in the first place, to give fewer mainstream currencies their spotlight and allow people to access them.

These less-known coins can be more risky than the stable and well-known ones. People need to be aware of what they are getting into.

KuCoin also has it’s token, simply called KuCoin Token (KCS). The following are some other popular coins that can be found on the exchange platform:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether (USDT)
  • Binance Coin (BNB)
  • XRP (XRP)
  • Chainlink (LINK)
  • Filecoin (FIL)
  • Internet Computer (ICP)
  • Wrapped Bitcoin (WBTC)
  • USD Coin (USDC)

Bear in mind that these are just a few selections of what you can find in the exchange platform

KuCoin Perks

  • Wide range of Coins

KuCoin offers a wide range of tokens, coins and altcoins that are available for trading on their exchange. In fact, it ranks in the upper echelon when selecting coins available in the exchange.

As such, one of its strengths is that it is easier to find smaller coins on these platforms than on other platforms. KuCoin is the ideal platform for traders looking to diversify into less-popular crypto.

After all, it is one of the main missions of KuCoin, to give smaller and newer cryptocurrencies a fighting chance. In fact, they even have a Spotlight section, which promotes new currencies.

This is a good thing for users and the coin, as it allows them to start using a new currency earlier.

  • Low Fees

KuCoin has very low trading fees. Though it is not the lowest available in the market, it is still fairly low that it can compete with other exchanges.

KuCoin doesn’t charge any monthly fees. Withdrawal fees are in line with other exchanges, and depositing cryptocurrency to the service is free. That said, you will still need to pay a fee to deposit fiat money, such as U.S. dollars. Binance Gbp Deposit Reddit

These fees depend on the transfer method you choose and what third-party app that you use.

  • Earn through interest on your crypto

KuCoin, like most cryptocurrency exchanges lets you make money with your crypto. In the case of KuCoin, the service is called KuCoin Earn.

KuCoin Earn gives you two ways to make money from your crypto. You can first take your coins through Pool-X which is backed by KuCoin. The second way is to loan out your crypto and get paid the interest.

Your interest rate for borrowing crypto is higher than the one you would get from a savings account. That said, the coin and its demand still affect how much you earn.

The exchange claims that you can make a lot of money this way, with an average earning rate of 8% to 12.5%. KuCoin uses this money to finance margin trading. It might seem risky, but the company states that lenders will always be repaid in full.

This repayment could be made from collateral or KuCoin margin insurance funds.

  • Advanced Features

KuCoin provides veteran users with plenty of toys and extra features to play with. They allow for margin trading, which allows users to leverage their position, which means borrowing money to buy more crypto.

KuCoin’s mobile app also supports trading bots. This allows you to trade your cryptocurrency without having to do it yourself. Rather, you can have a computer do that for you. This is very convenient because you don’t always have to be online in order to run your business.

That said, using bots can be pretty risky. Bots are susceptible to errors and you may lose out on many opportunities. You don’t always know their strategies and perimeters when you trade with them.

As such, the convenience bots provide may not be worth the uncertainty of how they’re handling your assets.

KuCoin Trading Experience

KuCoin can be accessed online or via an Android and iOS mobile application. Each platform offers a variety of tools and features that you can use to trade on it.

After logging into your KuCoin account on mobile or desktop, you can access KuCoin’s dashboard or front page. Users can view markets, trade, buy, lend, or trade cryptos from there.

The platform supports four order types. These are market order, limit order, stop-limit order, and stop-market order.

Besides orders, users also have access to margin, futures, and P2P trading. You can stake your crypto to earn some back or get a discount on trading fees. Binance Gbp Deposit Reddit

Recently, the exchange has just added a Trading Bot feature to help simplify the whole trading process.

Overall, KuCoin has plenty of advanced features. This might be a boon to veteran traders. They can be difficult for novice traders, as they aren’t user-friendly on mobile platforms.

KuCoin Fees

KuCoin breaks down trading fees by levels. These trading fees will mostly depend on 3 factors. To determine the trading fee level, you have to look at the Minimum KCS Holding within the last 30 days, and the Spot trading volume last 30 days (BTC), or the Future Trading Volume within the last 30 days (BTC).

Below is a table that shows which trading level corresponds to which.

Trade Fee Level Min KCS Holding last 30 Days Spot Trading Volume Last 30 Days (BTC) Futures Trading Volume Last 30 Days (BTC)
LV0 0 <50 <200
LV1 1000 >=50 >=200
LV2 10000 >=200 >=400
LV3 20000 >=500 >=1000
LV4 30000 >=1000 >=2000
LV5 40000 >=2000 >=3000
LV6 50000 >=4000 >=6000
LV7 60000 >=8000 >=12000
LV8 70000 >=15000 >=20000
LV9 80000 >=25000 >=40000
LV10 90000 >=40000 >=80000
LV11 100000 >=60000 >=120000
LV12 150000 >=80000 >=160000

These levels will determine how much you’ll have to pay for taker or maker fees. Spot trading fees are charged in accordance with the base currency for the trading pairs. KCS users will receive 20% off for paying fees.

Also, KuCoins has a 24h withdrawal limit.

Trade Fee Maker/Taker 24h Withdrawal Limit
LV0 0.1% / 0.1% 200
LV1 0.09% / 0.1% 200
LV2 0.07% / 0.09% 200
LV3 0.05% / 0.08% 200
LV4 0.03% / 0.07% 200
LV5 0% / 0.07% 500
LV6 0% / 0.06% 500
LV7 0% / 0.05% 1000
LV8 -0.005% / 0.045% 1000
LV9 -0.005% / 0.04% 2000
LV10 -0.005% / 0.035% 2000
LV11 -0.005% / 0.03% 3000
LV12 -0.005% / 0.025% 3000

KuCoin Issues

To be honest, KuCoin does not have the best reputation in the industry. Just by looking at reviews of the company, you can already see a glimpse of how bad the dissatisfaction is.

In Trustpilot reviews, it got an average of just 1.7 out of 5 stars out of 600 reviews. Many of the negative reviews focus on customer service, withdrawals, or even deposits. Binance Gbp Deposit Reddit

KuCoin has also been accused of market manipulation, with some even saying their assets randomly disappeared from their accounts. This is a problem especially when it comes to assets, money and finance.

Security is another issue.

While KuCoin is a generally secure crypto exchange, it was subject to a major hack back in 2020. The exchange lost about $280 million worth of crypto from users’ hot wallets to hackers. This was a concerning security breach despite the assets being covered by an insurance fund.

KuCoin Pros and Con

Pros

  • Low fees
  • Strong user base
  • Large range of coins
  • Allows you to earn interest on your crypto
  • Trading features
  • Good customer service

Cons

  • Not licensed in the U.S.
  • Limited payment methods
  • Can be intimidating and overwhelming for new traders
  • Has limited education resources

coins-on-paper

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Bittrex versus Binance

Bittrex is a crypto exchange that has more similarities than differences than Binance. Both offer similar features that users can enjoy. That said, these two platforms do have their major differences.

One key difference between these two platforms has to do with size. Bittrex is more focused on a scaled-down experience, whereas Binance has the highest trading volume of all the exchanges.

Bittrex was once one of the top cryptocurrency exchanges in the world. Still, Binance surpassed them after the former implemented stricter Know Your Customer (KYC) and anti-money laundering policies.

Bittrex Overview

Bittrex is a cryptocurrency exchange that aims to operate a world-class service with focus and trust.

It was founded in 2014 by three cybersecurity engineers from Amazon: Bill Shihara, co-founder and CEO; Richie Lai, co-founder, and chief information officer; and Rami Kawach, co-founder and chief technology officer. Its headquarters are located in Seattle.

The platform initially offered only crypto-tocrypto trading. However, it quickly added fiat-tocrypto trading. Binance Gbp Deposit Reddit

Despite the newness of their fiat trading, they still offer a wide selection of cryptocurrencies and stablecoins. Also, they are available in 46 U.S. states, excluding Hawaii, New York, and Vermont

Cryptos under Bittrex

Bittrex offers a variety of stablecoins and cryptocurrencies on their exchange. Like most exchanges, this variety makes platforms very enticing to traders.

They include:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Chainlink (Link)
  • Dogecoin (DOGE)
  • Polkadot (DOT)
  • Tether (USDT)
  • Polygon (MATIC)

Bittrex Perks

  • Huge selection of cryptocurrency

As stated above, Bittrex has a rather sizable option of cryptocurrency available in their market. This makes it pretty attractive for customers looking for new, more niche but riskier trades.

  • Low fees

Bittrex offers low fees starting at 0.3% This can get lower depending on the trade volume. That said, it is not the lowest available in the market. Some exchanges have lower fees compared to them.

  • Execution of fast trading

Unlike other services, Bittrex has a custom-built trading engine that allows faster trades. This even keeps up despite having a heavy demand. This is a great way for investors to take advantage of volatile markets like cryptocurrency’s price fluctuations.

  • Cardano staking

Cardano (ADA), cryptocurrency holders would be thrilled to have this platform. Bittrex lets users stake their Cardano cryptocurrency throughout the exchange. You can get up to 5.5% in reward. Binance Gbp Deposit Reddit

  • Educational Content

We all know how complicated and elusive finances can be. As such, cryptocurrency can be just as confusing and obscure. Any way you can educate yourself about the topic is a blessing.

Bittrex has an impressive library of educational resources available in its Discover section. You will find references and articles on a variety of crypto topics here. You will find references and lessons on topics that range from crypto taxes to crypto mining.

You can even see a breakdown of some of these cryptocurrencies on the platform, which will give you an idea about what you’re betting on and whether it is worth your time.

Although it doesn’t completely eliminate the risk of cryptocurrency, it can help users make better decisions. Binance Gbp Deposit Reddit

  • Referral Program

Bittrex offers a referral program. If someone you know opens an account with Bittrex and uses your link, you’ll earn 10% on all trading commissions.

While this may not look like much. Referring a serious crypto whale can net you substantial rewards. Although unreliable, it is a good and less risky way to passively earn crypto income.

Bittrex Trading Experience

Trading on Bittrex is a no-frills, straightforward experience. Logging in is all that’s required to access the trading dashboard. Of course, it is accessible via a mobile app or desktop computer.

In the desktop interface, users have a simple “instant buy Buy/Sell” option. This allows users to quickly trade or buy crypto using a debit card, bank account or Bittrex account balance.

Users can also benefit from a real-time view of the markets available on the platform. Users also have the option to place more complex orders. Stop, stop limit, trailing stop, and laddered orders.

Bittrex Fees

Bittrex uses a simple maker/taker fee structure, making their fees more transparent than most exchanges. That said, you still get fee discounts for trades with higher volumes. These fees are generally quite low, but not the lowest on the market.

 

30-Day Volume (USD) Maker Taker
Less than $25,000 0.35% 0.35%
$25,000 – $50,000 0.25% 0.30%
$50,000 – $100,000 0.15% 0.25%
100,000 – 1 Million 0.10% 0.20%
$1 million – $5 million 0.06% 0.16%
$5 million – $10 million 0.05% 0.15%
$10 million – $60 million 0.02% 0.10%
$60 million – $100 million 0.00% 0.08%
$100 million + 0.00% 0.05%

Bittrex Issues

Bittrex has been on the receiving end of negative reviews from its users. Many of these problems are caused by account lockouts, assets that have been frozen, and identity verification issues. These problems are widespread across all crypto exchanges.

The platform hasn’t experienced any major setbacks or controversies.

Bittrex Pros & Cons

Pros

  • High security
  • Extensive selection of available cryptocurrency
  • Very low fees
  • Advanced trading tools
  • Pretty helpful educational content

Cons

  • Customer support is mediocre and often unhelpful
  • For beginners, it can be difficult

Binance versus eToro Binance Gbp Deposit Reddit

Binance and eToro are two of the most well-known cryptocurrency platforms. They are both pretty famous and lead the market in what they do.

However, there is a difference that divides the two. They are two very different platforms. Binance is a cryptocurrency exchange. eToro, however, is not. It is, in fact, a cryptocurrency broker.

Binance offers a variety of digital assets, including NFTs and services. Meanwhile, a cryptocurrency broker sells crypto alongside other investment products like stocks and fractional shares.

eToro Overview

eToro was not founded as a cryptocurrency platform, unlike most companies in this review. The Tel Aviv-based company was actually an online forex broker originally under RetailFX. This was in 2007.

When RetailFX started offering commodities, indices, and stocks, it changed its name to eToro. Later, it launched its innovative social trading feature that allowed users to copy trades of successful traders on the platform.

eToro only got involved in the crypto market when it added support for BTC in 2014. This enabled users to buy and sell CFDs (to non-U.S. users). On the world’s leading digital currency. It added support for Ripple and Ethereum four years later. Binance Gbp Deposit Reddit

In 2018, eToro also made a big push in the crypto market. More coins and currencies were added to the platform. The company also launched eToroX, a digital asset platform and its crypto wallet.

Cryptos under eToro

eToro and its digital asset platform have few cryptocurrency selections. They were not originally set up as an exchange, but rather as a brokerage. That said, some popular currencies found in the service include:

  • Bitcoin (BTC).
  • Bitcoin Cash (BCH)
  • Cardano (ADA)
  • Dash (DASH)
  • Dogecoin (DOGE).
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Polkadot (DOT)
  • Polygon (MATIC).
  • Solana (SOL)
  • Stellar Lumens (XLM)

eToro Perks

  • CopyTrader

CopyTrader is eToro’s most distinctive feature. It was a feature that existed before the platform dabbled in the crypto industry. Binance Gbp Deposit Reddit

This basically allows eToro users to copy trades done by their favorite traders with just one click. The trade can be initiated by setting the money that the user wants to spend.

From there, the platform will set those funds and try to mirror the positions of their favorite eToro trader proportionally.

It is completely free, which is quite surprising. This feature requires a fee, but it can be used as often as the user wishes.

  • Invest more than crypto.

It was expected that users would still be able to participate in the action since the platform began in foreign currency.

eToro is one of the few places on the internet that allows you to own cryptocurrency and stocks in one account. The platform also offers stock trading at zero commissions and the possibility to purchase fractional shares.

Even for people who want to test out stock investing, eToro offers a virtual brokerage account that lets you simulate owning stocks without putting real money at risk.

  • Fee Debit card deposits

Unlike other cryptocurrency exchanges that charge fees, eToro doesn’t charge users to make a debit card payment. Investors can deposit fiat money using a bank transfer or debit card for no additional fees.

Users should be aware that there is a conversion charge for transactions not in U.S. dollars.

eToro Trading Experience

eToro is available as a simple web-based platform and a well-designed mobile app.

Starting in the platform is as easy as depositing fiat currency from a debit card or bank account, and then they can trade immediately.

An intuitive trading tab gives a view of current prices and buys, sells, and even converts crypto.

The top perk CopyTrading makes doing trades pretty simple and easy. It even allows users to do trades proportional to high-performing traders in the platform.

Overall, the platform offers many basic market and limit orders. However, it lacks some of the more advanced conditional orders and more advanced charting capabilities.

The platform is limited in its ability to offer cryptocurrency fairs due to a lack of options.

It’s also eToroX – the digital asset platform that is the most prominent.

Some of the new features included in eToroX include U.S. dollar deposits, margin trading, trading APIs, and fast execution.

eToro Fees

When it comes to fees, eToro is a breath of fresh air. Unlike other cryptocurrency exchanges that don’t list their fees, eToro lists its fees when trading crypto.

eToro users are charged a flat fee of 1% per trade in crypto. The platform refers to this 1% market fee as a bid-ask spread. This fee is charged when users close or open positions.

However, many users don’t like the fact that eToro charges a fee for each round trip. This is different from other exchanges, which only charge fees when an asset is purchased or sold.

eToro charges 1% upfront for the eventual sale and a $1 purchase fee.

This could be a problem when users transfer their coins to an external wallet. As they can no longer return them to the trading platform.

eToro Issues

Due to its age, it is not surprising that the platform has had its fair share of controversies. Most of these do NOT involve the cryptocurrency market.

However, one did occur during the 2021 closing of leveraged positions. Early that year, European clients of the platform were notified of the following:

“Due to extreme market volatility in the crypto markets, margin positions for all leveraged crypto positions” should be changed to non-leveraged, or they would be closed within four hours.

This was not a good move, and many lawyers and users expressed intent to file a class action lawsuit. This led to the revocation of the eToro licence in Cyprus.

eToro also found itself in an unfavorable feud against Redditors from /r/wallstreetbets following the GameStop short squeeze.

eToro Pros and Con

Pros

  • An established platform
  • Regulated in numerous jurisdictions
  • CopyTrading is a unique feature that is only found in the platform.
  • There’s more to it than just crypto trading.
  • Fee is transparent

Cons

  • Stock, ETF, and cryptocurrency trading only available in 44 U.S. states
  • Margin trading is not available for U.S. users
  • There is a limited selection of cryptocurrencies.
  • 1% fee is pretty high compared to others.
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